(BRUSSELS) - European Commission chief Jose Manuel Barroso called Wednesday on European governments to boost cooperation in their response to the global financial crisis.

"Of course, it's not just a problem of injecting liquidity, we also need to inject credibility in the European response, and that is why we are asking and urging member states for closer cooperation," Barroso told journalists in Brussels.

He added that "credibility of our joint action regarding the current situation" was "particularly important for the confidence in the markets."

Europe's four biggest economic powers -- Britain, France, Germany and Italy -- will meet on Saturday in Paris for talks on the global financial crisis.

"Our system can cope, the European financial system has the ability to respond," said Barroso.

"We can have confidence in it but we also have to recognise that there are some difficulties and we need to do more and more efficiently."

The EU commission chief said Europe's response to the crisis should be stronger supervisory authorities and changes to accounting rules especially for the valuation of securities at the root of the current problems.

He also called for reforms to improve the consistency of deposit guarantee schemes in Europe, more transparency for executive pay packages and for structural reforms to be continued.

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